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Fannie Mae/Freddie Mac HVCC effective May 1, 2009 MortgagePress.comFannie Mae, Freddie Mac, appraisals, Home Valuation Code of Conduct, HVCC
The Fannie Mae and Freddie Mac Home Valuation Code of Conduct
(HVCC) becomes effective on May 1, 2009. All lenders, correspondent
lenders, and servicers selling loans to Fannie Mae/Freddie Mac will
be required to adhere to the Code.
The Code of Conduct establishes:
• Required use of the Market Conditions Addendum ( Fannie
Mae form 1004MC/Freddie Mac form 71)
• Appraiser independence safeguards
• Requirement that the borrower receive a copy of the
appraisal
• Appraiser engagement restrictions
• Prohibitions against improper influences on
appraisers
• Appraisal audit requirements
• Independent Valuation Protection Institute
For a copy of the HVCC